The Grayson County Commissioners Court recently approved a request to have the county participate in the proposed city of Sherman Tax Increment Reinvestment Zone No. 6 and TIRZ No. 5.
The city of Sherman established the zones in early May.
TIRZ No. 5, is on the northwest corner of the intersection of U.S. Highway 75 and FM 1417, and No. 6, will include the southeast and southwest corners of the intersection of Hwy. 75 and FM 691.
Grayson County Judge Bill Magers said the county has never worked with the city of Sherman on such a project, though it has worked on a couple with the city of Denison.
“The Tax Increment Financing is a method to fund infrastructure in a designated area,” Sherman Director of Finance Mary Lawrence said to the city council at the time the council approved the zones. “Tax Increment Revenues are set aside with the specific purpose of developing infrastructure in this area. When the county participates, they’re paying for part of that infrastructure. That means we don’t have to pay for it. So it’s a good leveraging of our dollars.”
The city’s preliminary financing plans call for improvements of around $3.3 million at the Sherman Crossroads development on the city’s southside and $2.8 million at the Hwy. 75 and FM 691 zone, where the planned Shops at Grayson Creek development will be located. Initially, those will be financed with a part of the city’s recent issuance of certificates of obligation.